The recapitalization for the renovation involved
tax exempt bonds secured by a
HUD mortgage together with
private equity financing. "The
District of Columbia Housing
Finance Agency provided
$21,570,000 in tax exempt bonds
and RED Mortgage Capital provided $31,696,300 in HUD
221(d)(4) financing." According to CPDC, "the financing structure provides
for 70% of the units to be Low
Income Housing Tax Credit (LIHTC) eligible and 30% of the units to be
restricted to households below
80% of area median income (AMI)
by a HUD Up Front Grant."
The development team consist of local partners from Wiencek + Associates Architects and Harkins Builders.
Amenities & Features:
- Community Laundry
- Computer Center
- Residential Internet
- Senior and Youth Programs
- Day Care Center (Infants/PS)
- Recreation Areas
- Garage Parking
- Fitness Trail
- Community Garden